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Technology Stocks : Echelon Corporation (ELON) -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (2613)	10/16/2000 4:26:08 PM
From: Lone Star	Read Replies (1) \| Respond to of 3076

"Would you be shorting a stock knowing... No, I wouldn't, but there are certain cantankerous know-it-alls that think they're smart who must love that flushing sound... USTIN, Texas (Dow Jones)--Echelon Corp. (ELON) shares climbed 27% Monday on the heels of Friday's 46% rise, a trend the company attributed to solid third-quarter results last week and other recent positive news. "We have a lot of investors that have believed in us," company spokeswoman Lyn Balistreri said. "My feeling was always that once we became profitable, the stock would take off." Echelon, a Sunnyvale, Calif., designer of networking systems for various devices, reported break-even results Thursday for the third quarter, its first quarter without a loss. Revenue for the quarter came in at $12.2 million, compared with $9.8 million in the year-ago period, when the firm lost 2 cents a share. Among other recent news, Echelon also announced last week a partnership with AT&T Corp. (T) to develop some networking capabilities. In addition, Echelon is holding its "LonWorld2000" conference beginning Wednesday. Thomas Weisel Partners analyst John Todd said the pending conference has contributed to a "short squeeze" on the stock. The conference "tends to lead off with some pretty strong announcements in terms of new products and new partnerships," he said. "Would you be shorting the stock knowing there was about to be some pretty strong announcements?" Todd reiterated his strong buy rating on the stock Friday. Among other things, he said in a research note at the time that the recent AT&T agreement is indication of "the interest Echelon is receiving from major infrastructure providers that are looking for ways to expand their service offerings." Echelon shares recently were trading at $37, up $7.88 from Friday's close at $29.13. Volume was 3.5 million shares traded, compared with a daily average of 588,000.